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The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges , Clearing Houses and Central Securities Depositories ) Regulations 2001
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ComplaintsU.K.
9.—(1) The exchange must have effective arrangements for the investigation and resolution of complaints arising in connection with the performance of, or failure to perform, any of its regulatory functions.U.K.
(2) But sub-paragraph (1) does not extend to—
(a)complaints about the content of rules made by the exchange, or
(b)complaints about a decision against which the complainant has the right to appeal under procedures of the kind mentioned in paragraph 8(2)(b) above.
(3) The arrangements must include arrangements for a complaint to be fairly and impartially investigated by a person independent of the exchange, and for him to report on the result of his investigation to the exchange and to the complainant.
(4) The arrangements must confer on the person mentioned in sub-paragraph (3) the power to recommend, if he thinks it appropriate, that the exchange—
(a)makes a compensatory payment to the complainant,
(b)remedies the matter complained of,
or takes both of those steps.
(5) Sub-paragraph (3) is not to be taken as preventing the exchange from making arrangements for the initial investigation of a complaint to be conducted by the exchange.
[F1(6) The exchange must have in place effective procedures for its employees to report potential or actual infringements of—
(a)these Regulations,
(b)provisions of the Act and subordinate legislation made under the Act (including rules) transposing the markets in financial instruments directive,
(c)the markets in financial instruments regulation, F2...
[F3(d)any EU regulation originally made under the markets in financial instruments directive or the markets in financial instruments regulation which is [F4assimilated direct] legislation; and
(e)any subordinate legislation (within the meaning of the Interpretation Act 1978) made under the markets in financial instruments regulation on or after IP completion day,]
internally through a specific, independent and autonomous channel.]
Textual Amendments
F1Sch. para. 9(6) inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 1(14) (with reg. 7)
F2Word in Sch. para. 9(6)(c) omitted (31.12.2020) by virtue of The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/662), regs. 1(3), 20(10)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f))); 2020 c. 1, Sch. 5 para. 1(1)
F3Sch. para. 9(6)(d)(e) substituted for Sch. para. 9(6)(d) (31.12.2020) by The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/662), regs. 1(3), 20(10)(b) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 37(g)(ii) and with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f))); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in Sch. para. 9(6)(d) substituted (27.2.2025) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (S.I. 2025/82), reg. 1(2), Sch. 9 para. 2(a)
Commencement Information
I1Sch. para. 9 in force at 1.12.2001, see reg. 2
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